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8/31/07
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A 1031 exchange buyer has purchased Bryant Ranch Shopping Center, a fully occupied 89.7k sf shopping center located on 9.42 acres at 23621-23741 E. La Palma Ave in Yorba Linda. The center, situated on the northeast corner of E. La Palma Ave and Via Lomas De Yorba St, sold for $21.88 mil ($244/sf).
The center is comprised of a diverse tenant mix including dental, home improvement, food, childcare, tutoring, professional services, fitness and others. Yorba Linda Ice Palace is the anchor tenant and is currently subleasing the Ralph's (Kroger) anchor space. Due to the fact that the Ice Palace is not a traditional retail anchor, it is expected that the property will be repositioned in the future. Faris Lee was faced with the challenge of identifying potential buyers who would understand the property's value-add potential through bringing the below market rents up to current rates as well as signing new tenants.
Bryant Ranch Shopping Center is located Near Savi Ranch Power Center, a 500k sf plus power center which features Best Buy, Costco, Home Depot, Kohls, Staples, PetsMart, TGI Fridays, Olive Garden, El Torito and many others.
Shaun Riley of Faris Lee Investments represented the seller, Newport Beach-based Bryant Ranch Partners in the transaction. Stephanie Liang of Century 21 E-N Realty handled negotiations for the buyer, Arcadia-based First Duarte Bryant Ranch LLC. The property garnered 18 offers and sold at a 6.5 percent cap rate.
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